The New Indian Express ·
Construction cost has gone up by 25 per cent since West Asia war began: NAREDCO President Parveen Jain
CHENNAI: The construction cost in the real estate sector has inflated by 25% since the West Asia war began in February, said NAREDCO president Parveen Jain.
Speaking with TNIE, Jain said, “The input cost of construction has been up by 25% as all raw material prices have increased in the last six months. Copper has seen a price increase of 60% in the past six months. Even if the US-Iran war stops, it will still take another three months for supplies to normalise.”
He also said that there is less possibility that residential prices would go up, as upward revisions in housing prices have already taken place.